Income Tax Ordinance 2001: Commissioners power to amend assessment of annual income return
KARACHI: A commissioner of Inland Revenue has been empowered to alter annual income tax return of a person on detection of tax evasion or avoidance.
One-on-one meeting between Imran Khan, Saudi Prince
ISLAMABAD: Prime Minister Imran Khan had a one-on-one meeting with Saudi Prince Mohammad bin Salman at the Prime Minister House on Sunday.
Saudi Arabia signs agreements for $20bn investment in Pakistan
ISLAMABAD: Saudi Prince Mohammed bin Salman on Sunday said that his country signed investment agreements worth $20 billion in Pakistan.
Income Tax Ordinance 2001: Commissioner IR empowered to make assessment for non-compliant taxpayers
KARACHI: Commissioners of Inland Revenue have been empowered to make ‘best judgement assessment’ for taxpayers, who fail to file annual returns, for making payment of due taxes.
Carrying above $10,000 without source to be dealt under anti-money laundering laws
KARACHI: The government has prescribed a limit of foreign currency amounting above $10,000 or equivalent within Pakistan. A person carry foreign currency above this limit without explaining source may be dealt under prevailing laws including…
Maximum Rs3,000 allowed to take out from Pakistan to India
KARACHI: A person is allowed to take out Pakistani currency a maximum amount of Rs3,000 for traveling to India.
Green channel passengers asked to cooperate with customs on examination selection
KARACHI: Passengers on arrival from abroad at any airport passing through green channel have been asked to cooperate with customs authorities for examination in case randomly or parametric selection.
Rupee ends stable in open market
KARACHI: The Pak Rupee ended stable against dollar in the open market on Saturday owing to lower demand of foreign currency.
Chinese delegation visits FPCCI to explore business opportunities
KARACHI: A delegation of Chinese businessmen has visited Federation of Pakistan Chambers of Commerce and Industry (FPCCI) to explore business opportunities between the two countries, a statement said on Saturday.
Income Tax Ordinance 2001: Notice can not be issued after 180 days for incomplete return
KARACHI: A commissioner of Inland Revenue is required to send notice to taxpayers for incomplete annual income returns within 180 days from end of financial year in which return was filed.
Oil import bill soars to $8.68 billion in July –January
ISLAMABAD: The oil import bill has surged to $8.68 billion due to significant increase in import of liquefied natural gas (LNG), according to data released by Pakistan Bureau of Statistics (PBS).
Pakistan imports mobile phones worth Rs55 billion in seven months
ISLAMABAD: Despite the government’s effort to curtail import bill the country imported mobile phones worth Rs55 billion during first seven months of current fiscal year.